1 st Half 2011 Results

1st Half 2011 Results Financial Summary For the 1st half ended June 30, 2011

Jakarta, 28 July 2011

PT Semen Gresik (Persero) Tbk.

Description (Rp bn)

Change (%)

1H-10

1H-11

Revenue

6,661

7.606

14.2

Cost of Revenue

3,500

4,110

17.4

Market Capitalization – as of June 30, 2011

Gross Profit

3,161

3,496

10.6

Rp56,942,592,000,000.00

Operating Expenses

1,111

1,223

10.1

Operating Income

2,050

2,273

10.8

EBITDA

2,273

2,528

11.2

Net Income

1,627

1,873

15.1

274

316

15.1

JSX

: SMGR

Reuters

: SMGR.JK

Bloomberg

: SMGR.IJ

Issued shares – as of August 07, 2007 5,931,520,000 Shares Share Price (Closing)

EPS (full amount)

3 January 2011

Rp9,850

As of 30 June 2011

Rp9,600

Hi/Lo (6 mo)

Rp10,000/Rp7,750

Ratio (%)

Major Shareholders

Formula

Ebitda Margin

Ebitda / Revenue

1H-10

1H-11

34.1

33.2

284.9

201.1

Government of Indonesia

51.01%

Interest Coverage (x)

Ebitda / Interest Expense

Public

48.99%

Total Debt to Equity

Total Debt / Total Equity

2.0

9.1

Total Debt to Asset

Total Debt / Total Asset

1.5

6.3

Board of Directors President Director

– Dwi Soetjipto

*)

Finance Director

– Ahyanizzaman

Business Highlights

Production Director

– Suparni

• Net Income increased by 15.1% year on year amounting to Rp1,873 billion or equivalent to EPS of Rp316 (full amount).

R & D and Operations Director – Suharto Marketing Director

– Irwan Suarly

HR Director

– Bambang SSI

Strategy & Bus Dev Director

– Erizal Bakar

Interest bearing debt

• Semen Gresik’s total sales volume in 1H-11 reached 9.23 million tons of cement or an increase of 9.5% year-on-year. • Domestic sales volume was 9.17 million tons of cement or an increase of 9.7% year on year. Domestic sales accounts for 99.6% of total sales. • Semen Gresik, Semen Padang and Semen Tonasa each contributed 53.0%, 28.9% and 18.1% to consolidated revenue.

Consolidated Subsidiaries PT Semen Padang

(99.99%)

PT Semen Tonasa

(99.99%)

• Cost of revenue per tons in 1H-2011 was 7.2% higher than that in 1H-2010 due to some increases, especially in raw material and transportation cost.

PT Kawasan Industri Gresik

(65%)

• Ebitda increased by 11.2% amounting to Rp2,528 billion year-on-year.

PT Industri Kemasan Semen Gresik

(60%)

PT United Tractors Semen Gresik

(55%)

• As of 30 June 2011, the Company’s LT Liabilities amount to Rp1,140 billion, with debt-to equity ratio increased to 9.1% from 2.0% in 2010.

Website http://www.semengresik.com

Corporate Secretary PT Semen Gresik (Persero) Tbk. Gedung Utama SG, 5 Floor, Jl. Veteran, Gresik 61122 – Indonesia

Phone: +62313981732/3981745 Fax: +62313983209 Email: [email protected]

1st Half 2011 Results SEMEN GRESIK REPORTS UNAUDITED CONSOLIDATED FIRST HALF 2011 RESULTS PT Semen Gresik (Persero) Tbk. (“SMGR” or “the Company”) announced its unaudited and consolidated 1st half 2011 financial statements. The Company recorded revenue and operating income for the period of Rp7,606 billion and Rp2,273 billion, respectively. Net income was recorded at Rp1,873 billion. The unaudited financial statements were prepared in accordance with the Indonesian Generally Accepted Accounting Principles. For more detailed information, please refer to the Company’s Consolidated Financial Statements as filed with Bapepam and the Exchanges on July 28, 2011.

PERFORMANCE REVIEW Sales Volume In the first half 2011 domestic cement consumption reached 22.49 million tons or increased by 14.8% compared to the same period 2010 of 19.60 million tons, while exported cement and clinker decreased from 1.31 million tons to 0.60 million tons due to high demand in domestic consumption. The total sales volume reached 23.09 million tons or increased by 10.4% compared to the same period 2010 of 20.91 million tons. Java contributed higher growth of 18.7% due to increasing demand on infrastructure activities (mostly in capital city and western part of Java) and supported by favorable interest rate environment as well. As at the end of June 2011, the total Company’s sales volume recorded 9.5% higher growth year-on-year to 9.23 million tons, comprising 9.7% of domestic higher growth (9.17million tons) and 11.8% lower growth of export sales (0.06). In the first half 2011, the Company’s domestic market share was 40.8%, decreased from 42.6% in the same period last year due to the Company’s limited capacity. SMGR Sales Volume 1H-2011 (tons) *) Domestic

Growth (% yoy)

Export

Growth (% yoy)

Total

Growth (% yoy)

Semen Gresik

4,700,796

11.7

-

-

4,700,796

11.7

Semen Padang

2,730,127

9.0

19,197

(41.3)

2,749,324

8.3

Semen Tonasa

1,740,505

5.9

41,663

14.7

1,782,168

6.1

Total

9,171,428

9.7

60,860

(11.8)

9,232,288

9.5

22,492,410

14.8

596,853

(54.6)

23,089,262

10.4

Company

Industry

The Company prioritizes its domestic market. Nevertheless, the Company is still conducting export in a small volume to maintain relationship with its traditional export market. The Company is targetting a 1.2 million incremental production capacity in 2011 through its Capacity Management Program: upgrading/de-bottlenecking project, product re-engineering, and optimizing of plant operations. *)Source: The company data and Indonesian Cement Association

First Half 2011


2

1H-2011 Results MARKET BY GEOGRAPHY (1H-2011) Domestic Consumption – Java remains as *) the largest market 5%

2%

7%

East of Indonesia (6)

7%

Nusa Tenggara (5)

2

Kalimantan (4)

4

Sulawesi (3)

6 Sumatera (2)

3

Java (1)

24%

55%

1

5

Consumption Growth and Domestic Market Share*) CEMENT CONSUMPTION GROWTH (in tons)

MARKET SHARE (%) REGION

JANUARY ─ JUNE

SMGR

INTP

HOLCIM

OTHERS

1. JAVA

36.1

40.2

21.1

2.6

2. SUMATERA

42.3

16.1

11.2

30.4

3. SULAWESI

60.9

12.8

0.7

25.4

4. KALIMANTAN

49.1

28.0

12.7

10.2

5. NUSA TENGGARA

37.4

37.3

5.3

20.0

62.3

18.5

0.4

18.8

40.8

31.1

15.5

12.6

REGION 2011

2010

± (%)

12,356,977

10,413,689

18.7

2. SUMATERA

5,333,487

4,673,238

14.1

3. SULAWESI

1,578,691

1,479,324

6.7

4. KALIMANTAN

1,590,774

1,429,988

11.2

5. NUSA TENGGARA

1,220,278

1,123,841

8.6

6. MALUKU & PAPUA

412,203

476,445

(13.5)

22,492,410

19,596,525

14.8

1. JAVA

TOTAL INDONESIA

*)

Indoce 6. EASTERN mentIND.

TOTAL INDONESIA

Source: ASI (Indonesia Cement Association)

First Half 2011


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1st Half 2011 Results Net Revenues The Company’s total sales revenue in 1H11 reported at Rp7,606 billion or increasing 14.2% year-on-year from Rp6,661 billion. Cement sales contribute 98.5% of revenue and others 1.5%. The Company’s net sales in the domestic market in 1H-11 amounting to Rp7,573billion, an increase of 14.4% compared to the previous year of Rp6,623 billion, while export amounting to Rp33 billion or a decrease of 13.7% year-on-year. The domestic average selling price experienced a slight increase of 1.8% year-on-year, while the export average selling price decreased 2.1%.

Cost of Revenue The cost of revenue increased by 17.4% from Rp3,500 billion in 1H-10 to Rp4110 billion in 1H-11, primarily as a result of an increase in energy, transportation and raw material. The overall COGS per ton in 1H-11 was at around Rp445,189, an increase of 7.2% compare to the same period of 2010.

Operating Expenses The Company’s operating expenses increased by 10.1% from Rp1,111 billion in 2010 to Rp1,223 billion in 2011, mainly due to the increase in selling expenses of 17.7% caused by an increase of transportation cost. Gross Profit Gross profit increased by 10.6% year-on-year amounting to Rp3,496 billion in 1H-2011. Gross margin decrease from 47.5% in 2010 to 46.0% in 2011. EBITDA Ebitda increased by 11.2% to Rp2,528 billion year-on-year, and Ebitda margin slightly decreased by 0.9% to 33.2% due to increase of transportation and raw material cost. Ebitda (Rp billion)

3,000 2,500

2,129

2528

1,782

2,000 1,500

2,273

1,159

1,000 500 0 1H-07

1H-08

1H-09

1H-10

1H-11

EBITDA Margin (%) 1H-07

1H-08

1H-09

1H-10

1H-11

26.2%

31.3%

31.5%

34.1%

33.2%

First Half 2011


4

1st Half 2011 Results Net Income Net income rose 15.1% year-on-year to Rp1,873 billion and net profit margin rose 0.2% year-on-year to 24.6% in 1H-11. Net Income (Rp billion)

1873 1,627 1,514

1700 1,136

1275 850

Net Income Margin (%) 700

1H-07

1H-08

1H-09

1H-10

1H-11

15.8%

19.9%

22.3%

24.4%

24.6%

425 0 1H-07

1H-08

1H-09

1H-10

1H-11

PROGRESS OF STRATEGIC PROJECTS (up to June 30, 2011) •

Actual progress of completion of 2.5 million tons of Tonasa V cement plant project in Sulawesi reached 88.1%, instead of planned 91.4%. By such figure of actual progress up to June 30, 2011, this project forecasted to complete in February 2012, bit late from its initial schedule to complete in the end of December 2011.

•

Actual progress of completion of 2.5 million tons of Tuban IV cement plant project in Java reached 89.3%, in line with planned schedule. By such figure of actual progress up to June 30, 2011, this project forecasted to complete in the end of December 2011, bit faster from its initial schedule to complete in the first quarter 2012.

•

Actual progress of completion of 2 x 35 MW of power plant in Sulawesi reached 34.8%, bit faster from its planning of 32.6%. By such figure of actual progress up to June 30, 2011, this project forecasted to complete in October 2012, on track as planned.

*** DISCLAIMER The information contained in this report has been taken from sources which we deem reliable. However, none of PT Semen Gresik (Persero) Tbk and/or its affiliated companies and/or their respective employees and/or agents make any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of PT Semen Gresik (Persero) Tbk, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither PT Semen Gresik (Persero) Tbk, its affiliated companies or their respective employees or agents accepts liability for any errors, omission or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or mission there from which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by PT Semen Gresik (Persero) Tbk or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regard to the specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice. First Half 2011


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1st Half 2011 Results CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (BALANCE SHEETS) AS AT JUNE 30, 2011 AND DECEMBER 31, 2010 (Expressed in thousands of Rupiah, unless otherwise stated) 30 Juni / June 30, 2011 (Unaudited)

31 Dese mber / December 31, 2010 (Audited) ASSETS

ASET

19,005,483 22,476,966

Current assets Cash and cash equivalents Restricted cash and cash 124,887,688 equivalents 113,457,500 Short-term investments Trade receivables, net of of allowance of impairment of Rp66,725,103 (December 31, 2010: Rp65,406,865) 1,362,699,365 Third parties 353,882,829 Related parties Other receivables, net of of allowance of impairment of Rp5,900,808 (Decemb er 31, 2010: Rp6,094,749) 41,789,212 Third parties 5,912,824 Related parties -

1,664,705,189 48,628,181 25,030,781 21,792,665

1,624,219,125 33,052,553 13,744,011 5,681,584

Inventories, net of provision for obsolete and slow moving inventory of Rp52,256,414 (December 31, 2010: Rp50,700,807) Advances Prepaid expenses Prepaid taxes

7,834,262,741

7,343,604,756

Total current assets

126,405,164 60,470,148 19,387,005

95,684,353 71,893,257 21,752,700

9,570,965,956

7,662,560,326

68,933,428

21,341,764

341,666,714 15,645,998

328,959,912 17,201,878

Non-current assets Deferred tax assets Investments in associates Investment property - net Fixed assets, net of accumulated depreciation and depletion of Rp6,540,281,794 (December 31, 2010: Rp6,291,093,193) Deferred charges, net of accumulated amortization of Rp25,404,305 (December 31, 2010: Rp22,689,828) Advances for construction of new plants Other assets

Jum lah aset tidak lancar

10,203,474,413

8,219,394,190

Total non-current assets

JUMLAH ASET

18,037,737,154

15,562,998,946

TOTAL ASSETS

As et lancar Kas dan setara kas Kas dan setara kas yang dibatasi penggunaannya Investasi jangka pendek Piutang usaha, setelah dikurangi penyisihan penurunan nilai sebesar Rp66.725.103 (31 Desember 2010: Rp65.406.865) - Pihak ketiga - Pihak-pihak berelasi Piutang lain-lain, setelah dikurangi penyisihan penurunan nilai sebesar Rp5.900.808 (31 Desember 2010: Rp6.094.749) - Pihak ketiga - Pihak-pihak berelasi Persediaan, setelah dikurangi penyisihan persediaan usang dan bergerak lambat sebesar Rp52.256.414 (31 Desember 2010: Rp50.700.807) Uang muka Beban dibayar di muka Pajak dibayar di muka Jum lah aset lancar As et tidak lancar Aset pajak tangguhan Investasi pada perusahaan asosiasi Properti investasi - bersih Aset tetap, setelah dikurangi akumulasi penyusutan dan deplesi sebesar Rp6.540.281.794 (31 Desember 2010: Rp6.291.093.193) Beban tangguhan setelah dikurangi akumulasi amortisasi sebesar Rp25.404.305 (31 Desember 2010: Rp22.689.828) Uang muka pembangunan pabrik baru Aset lain-lain

3,916,365,396 96,668,021 172,975,500

1,473,350,403 373,264,156

3,664,278,065

First Half 2011


6

1st Half 2011 Results CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (BALANCE SHEETS) AS AT JUNE 30, 2011 AND DECEMBER 31, 2010 (Expressed in thousands of Rupiah, except par value per share) 30 Juni / June 30, 2011 (Unaudited)

31 Desember / December 31, 2010 (Audited) LIABILITIES AND EQUITY

LIABILITAS DAN EKUITAS Liabilitas jangka pendek Utang usaha - Pihak ketiga - Pihak-pihak berelasi Utang lain-lain - Pihak ketiga - Pihak-pihak berelasi Beban yang masih harus dibayar Utang pajak Utang deviden Uang muka penjualan Utang jangka panjang yang jatuh tempo dalam satu tahun - Pinjaman bank - Pinjaman dari Pemerintah Republik Indonesia - Utang bunga dan denda - Utang sew a pembiayaan Jumlah liabilitas jangka pendek Liabilitas jangka panjang Liabilitas pajak tangguhan Liabilitas imbalan kerja Utang jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam satu tahun - Pinjaman bank - Pinjaman dari Pemerintah Republik Indonesia - Utang bunga dan denda - Utang sew a pembiayaan Liabilitas jangka panjang lainnya

687,850,510 164,013,594

691,944,608 200,077,260

533,091,565 46,698,247 807,585,431 202,885,826 1,472,581,786 44,552,353

387,005,456 95,237,787 801,896,787 222,697,220 32,024,628

14,565,418

28,095,179

7,853,733 19,575,850 13,263,592

10,737,187 24,473,453 23,329,054

Current liabilities Trade payables Third parties Related parties Other payables Third parties Related parties Accrued expenses Taxes payable Dividens payable Sales advances Current maturities of long-term liabilities Bank loans Loans from the Government of the Republic of Indonesia Interest and penalties payable Finance lease liabilities -

4,014,517,905

2,517,518,619

Total current liabilities

30,863,563 218,287,752

6,679,515 216,981,899

Non-current liabilities Deferred tax liabilities Employee benefits liabilities

1,054,461,022

544,405,512

49,665,580 114,288,697

1,561,762 1,419,377 52,239,245 82,440,129

Long-term liabilities, net of current maturities Bank loans Loans from the Government of the Republic of Indonesia Interest and penalties payable Finance lease liabilities Others non-current liabilities

Jumlah liabilitas jangka panjang

1,467,566,614

905,727,439

Total non-current liabilities

Jumlah liabilitas

5,482,084,519

3,423,246,058

Total liabilities

Ekuitas Modal saham - nilai nominal Rp100 (angka penuh) per saham Modal dasar - 20.000.000.000 saham Modal ditempatkan dan disetor penuh - 5.931.520.000 saham 593,152,000 Tambahan modal disetor 1,458,257,900 Keuntungan belum direalisasi atas kepemilikan efek 6,380,400 Cadangan atas lindung nilai arus kas (841,957) Saldo laba - dicadangkan 253,338,000 Saldo laba - belum dicadangkan 10,101,648,829

Equity Share capital - par value of Rp100 (full amount) per share Authorized - 20,000,000,000 shares Issued and fully paid 593,152,000 5,931,520,000 shares 1,458,257,900 Additional paid-in capital Unrealized gain on investment 5,457,500 in securities (4,965,035) Cash flow hedge reserve 253,338,000 Retained earnings - appropriated 9,701,198,248 Retained earnings - unappropriated

Kepentingan non pengendali

12,411,935,172 143,717,463

12,006,438,613 133,314,275

Non-controlling interests

Jumlah ekuitas

12,555,652,635

12,139,752,888

Total equity

JUMLAH LIABILITAS DAN EKUITAS

18,037,737,154

15,562,998,946 TOTAL LIABILITIES AND EQUITY First Half 2011


7

1st Half 2011 Results CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2011 AND 2010 (Expressed in thousands of Rupiah, unless otherwise stated)

Pendapatan Beban pokok pendapatan Laba bruto

30 Juni / June 30, 2011 (Unaudited)


7,605,786,999

6,661,185,897

(4,110,112,417)

(3,499,711,012)

3,495,674,582

3,161,474,885

Revenue Cost of revenue Gross profit

Beban penjualan

(687,719,847)

(584,314,191)

Beban umum dan administrasi

(535,298,927)

(526,717,035)

Selling expenses General and administration expenses

Beban usaha

(1,223,018,774)

(1,111,031,226)

Operating expenses

Laba usaha

2,272,655,808

2,050,443,659

Operating income

109,131,989

126,571,272

Penghasilan/(beban) lain-lain Penghasilan bunga Keuntungan/(kerugian) selisih kurs - bersih Beban bunga Penghasilan lain-lain - bersih Bagian atas laba bersih perusahaan asosiasi Laba sebelum pajak penghasilan Beban pajak penghasilan Laba periode jalan Pendapatan komprehensif lain setelah pajak Aset tersedia untuk dijual Lindung nilai arus kas Pendapatan komprehensif periode berjalan

5,357,118 (12,571,156) 23,964,859

(1,987,614) (7,978,679) 7,831,652

5,115,987

5,591,073

Other income/(expense) Interest income Foreign exchange gain/(loss) - net Interest expense Other income - net Equity in net income of associates

2,403,654,605

2,180,471,363

Profit before income tax

(507,540,383)

(540,215,500)

Income tax expense

1,896,114,222

1,640,255,863

922,900 428,278

-

1,351,178

-

Current period income Other comprehensive income - after tax Available for sale assets Cashflow hedge reserve Current period comprehensive income

1,897,465,400

1,640,255,863

Total current period comprehensive income

Laba yang dapat diatribusikan kepada : Pem ilik entitas induk 1,873,032,367 Kepentingan non pengendali 23,081,855

1,627,266,424 12,989,439

Income attributable to : The owner of parent entity Non-controlling interest

1,896,114,222

1,640,255,863

Total laba komprehensif periode berjalan

Laba komprehesif yang dapat diatribusikan kepada : Pemilik entitas induk Kepentingan non pengendali Laba bersih per saham dasar (dinyatakan dalam angka penuh Rupiah per saham )

1,874,383,545 23,081,855

1,627,266,424 12,989,439

1,897,465,400

1,640,255,863

316

274

Comprehensive income attributable to : The owner of parent entity Non-controlling interest Basic earnings per share (expressed in Rupiah full amount per share)

First Half 2011


8

1st Half 2011 Results CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2011 AND 2010 (Expressed in thousands of Rupiah, unless otherwise stated)

Arus kas dari aktivitas operasi Penerimaan dari pelanggan Pembayaran kepada pemasok Pembayaran kepada karyaw an Kas yang dihasilkan dari operasi Penghasilan bunga yang diterima Pencairan/(penempatan) kas dan setara kas yang dibatasi penggunaannya Pembayaran pajak penghasilan Pembayaran bunga dan beban keuangan Arus kas bersih yang diperoleh dari aktivitas operasi Arus kas dari aktivitas investasi Perolehan aset tetap Pencairan kas dan setara kas yang dibatasi penggunaannya (Penempatan)/pencairan investasi jangka pendek-bersih Uang muka pembangunan pabrik baru Penambahan beban tangguhan - bersih Deviden yang diterima Arus kas bersih yang (digunakan untuk)/ diperoleh dari aktivitas investasi Arus kas dari aktivitas pendanaan Pembayaran kembali utang bank Penerimaan pinjaman bank Pembayaran kembali pinjaman dari Pemerintah Republik Indonesia Pembayaran utang sew a pembiayaan Arus kas bersih yang diperoleh dari aktivitas pendanaan



7,517,148,568 (4,195,952,778) (786,057,159)

6,445,667,210 (4,161,871,555) (740,663,749)

Cash flows from operating activities Receipts from customers Payments to suppliers Payments to employees

2,535,138,631

1,543,131,906

Cash resulted from operations

109,131,989

126,571,272

28,219,667 (574,105,319)

(8,423) (873,859,290)

(18,888,136)

(17,256,995)

Interest income received Withdrawal/(placement) of restricted cash and cash equivalents Payment of corporate income tax Payment of interest and financing charges Net cash flows provided by operating activities Cash flows from investing activities Acquisition of fixed assets Withdrawal of restricted cash and cash equivalents (Placement)/withdrawal of short - term investments-net Project advances Additions to deferred charges - net Dividends received Net cash flows (used in)/provided by investing activities Cash flows from financing activities Repayment of bank loans Proceeds from bank loans Repayment of loan from the Government of the Republic of Indonesia Payment of finance lease liabilities Net cash flows provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the period Supplemental disclosure

2,079,496,832

778,578,470

(2,119,947,163)

(727,785,130)

(57,000,000) (53,933,266) (50,411,414) 947,648 (2,280,344,195)

790,000,000 782,960,790 (195,147,250) 1,828,975 651,857,385

(12,469,475) 483,738,204

(4,850,147) 84,925,173

(5,694,908) (12,639,127)

(11,555,376) (10,836,040)

452,934,694

57,683,610

252,087,331

1,488,119,465

Kas dan setara kas pada aw al tahun

3,664,278,065

3,410,263,396

Kas dan setara kas pada akhir periode Pengungkapan tam bahan Aktivitas investasi yang tidak mempengaruhi kas: Utang bunga yang dikapitalisasi Reklasifikasi uang muka pembangunan pabrik baru

3,916,365,396

4,898,382,861

Kenaikan bersih kas dan setara kas

75,711,618

-

62,489,382

-

Non-cash investing activity: Unpaid interest capitalized Reclassification of advances for construction of new plants

*** First Half 2011


9

1 st Half 2011 Results

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